Wolfspeed, a semiconductor manufacturer, reported its financial results for the first quarter of fiscal year 2025, revealing consolidated revenue of approximately $195 million, a slight decline from $197 million in the previous year. The company also reported a net loss per share of $2.23 and a GAAP gross margin of approximately -19%, down from 13% year-over-year. In response to a shift in electric vehicle (EV) market demand, CEO Wolfspeed announced a $100 million reduction in fiscal 2025 capital expenditure guidance. Following these announcements, the company's shares fell by 14% in after-hours trading and were down as much as 21.9% in pre-market trading due to projections of revenue falling below estimates amid weak demand in the automotive sector.